PICPA, ICD get apprised on Philippine competition policy and law

21 July 2017

News Philippines

In a string of speaking engagements, Philippine Competition Commission (PCC) Chairman Arsenio M. Balisacan reiterated the call of the competition authority for all stakeholders to help in promoting a culture of competition in the country to ensure a level playing field for big and small business players.

The Philippine Institute of Certified Public Accountants (PICPA) invited Balisacan to speak during the Regulators’ Day Forum of 2017 Accountancy Week: SHINE (Service, Honesty, Innovation, and Nation-building through Education). The event was held on July 21, 2017 in Mandaluyong City.

“As accountants, your main task is to help businesses and their owners guard their existing assets and ensure that their operations continuously yield sustainable profits. Making businesses aware of the Philippine Competition Act (PCA) and the risks of engaging in anti-competitive acts can help you in this task,” said Balisacan.

The PCC Chairman also sought the help of accountants in ensuring that their clients’ businesses are in accord with the PCA. “Your value to your client goes beyond your accounting skills. As custodians of the book, you are in a primary position of knowing if your client is in danger of breaking the law. If they are, encourage them to seek appropriate legal advice.”

“Our doors are also open and our hands remain extended in partnerships to all, especially to erring businesses that want to rectify their anti-competitive behavior,” he continued.

Moreover, Balisacan was also invited to participate in a breakfast roundtable discussion organized by the Institute of Corporate Directors (ICD), a non-stock, not-for-profit organization dedicated to professionalizing corporate directorship and raising the corporate governance standards of the Philippines.

“It is understandable that the business community may not be used to the idea of being regulated for competition and antitrust concerns, and will have different paces of adopting until it becomes the norm in business ethics and every business deal,” said Balisacan.

The two high-profile speaking engagements is part of the second pillar of PCC’s powers which refers to the Commission’s role as a competition policy and advocacy champion..